So here is my plan to wirewheel the axls and leaf springs then slather a bunch of boiled linseed oil all over them (mainly because i am super cheap and it is only going to cost me like $15) . I have not heard of of a many people doing this most use POR 15 or some other paint/rust preventitive.

I think he's refering to guys who coat the inside of their frames with linseed oil as a rust preventative. This is obviously because you can't get to the inside of the frame to paint with anything. Linseed oil is better than nothing in this case.

That probably won't work. Your axles and springs are going to be exposed to a lot of harsh conditions exposed as the are to the elements. Linseed oil will probably be fine as a coating inside a frame where it's more protected. I'm an engineer on ships. There is an old school use of linseed oil as a preservative on uninsulated low pressure steam pipes out on the weather decks. The pipe would be heated with an oxi-acetylene torch and then coated with linseed oil. It worked, but not for too long. It would have to be re-coated once or twice a year. This was used a lot on fishing boats.